Wealth Enhancement Advisory Services LLC bought a new stake in State Street Corp (NYSE:STT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,680 shares of the asset manager’s stock, valued at approximately $1,332,000.
Other hedge funds have also added to or reduced their stakes in the company. Schroder Investment Management Group raised its holdings in State Street by 41.5% in the second quarter. Schroder Investment Management Group now owns 16,408 shares of the asset manager’s stock valued at $1,547,000 after buying an additional 4,815 shares during the period. State of Alaska Department of Revenue raised its holdings in State Street by 7.6% in the third quarter. State of Alaska Department of Revenue now owns 68,040 shares of the asset manager’s stock valued at $5,697,000 after buying an additional 4,822 shares during the period. Advisors Capital Management LLC raised its holdings in State Street by 8.5% in the third quarter. Advisors Capital Management LLC now owns 30,730 shares of the asset manager’s stock valued at $2,575,000 after buying an additional 2,410 shares during the period. Hennessy Advisors Inc. raised its holdings in State Street by 53.3% in the third quarter. Hennessy Advisors Inc. now owns 23,000 shares of the asset manager’s stock valued at $1,927,000 after buying an additional 8,000 shares during the period. Finally, World Asset Management Inc raised its holdings in State Street by 3.1% in the third quarter. World Asset Management Inc now owns 23,543 shares of the asset manager’s stock valued at $1,972,000 after buying an additional 698 shares during the period. 87.43% of the stock is owned by institutional investors.
STT opened at $68.96 on Friday. The company has a market cap of $26.48 billion, a PE ratio of 9.66, a PEG ratio of 1.17 and a beta of 1.36. State Street Corp has a 52-week low of $57.87 and a 52-week high of $110.33. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.50 and a current ratio of 0.53.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 18th. The asset manager reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.01. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.96 billion. State Street had a net margin of 20.05% and a return on equity of 14.44%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 earnings per share. Equities research analysts predict that State Street Corp will post 6.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 16th. Investors of record on Wednesday, January 2nd were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, December 31st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.73%. State Street’s dividend payout ratio (DPR) is presently 26.04%.
Several research analysts recently commented on STT shares. ValuEngine lowered shares of State Street from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Royal Bank of Canada reiterated a “hold” rating and set a $95.00 price objective on shares of State Street in a research note on Sunday, October 21st. Credit Suisse Group dropped their price objective on shares of State Street from $103.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, October 22nd. Barclays dropped their price objective on shares of State Street from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Monday, October 22nd. Finally, Zacks Investment Research lowered shares of State Street from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. State Street presently has a consensus rating of “Hold” and an average target price of $87.36.
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State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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